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EDMONTON — The number of housing starts in the Edmonton region for November tumbled 74 per cent from the same time last year, said the Canada Mortgage and Housing Corporation.9 e& y- {5 W7 j2 W+ h, J4 h1 s
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Construction began on only 279 homes during the month, according to preliminary figures released today.
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. O! _' q9 o, U1 U. k" FFor the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.1 b, H& S( o/ m) Z
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“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.; k, n2 f1 M7 M4 H- a
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“The home building industry has been impacted by a slowdown in net migration into the province since mid-2007 and concerns locally about elevated new and existing home inventories.”
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, E' ]1 [$ [" x4 h* OSingle-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.& {+ z+ { t, G- Z" l2 r N
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Multiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.
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“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release.. i) F( B4 o, {' B0 F& b6 s! g
* V2 Z" d% a6 m- J. R4 V& dAcross Alberta, total housing starts in the seven largest cities dropped by 49 per cent year-over-year despite increased building in Wood Buffalo and Lethbridge. |
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